The Effect of Leverage on Investment, Dividends, and Company Value on the Real Estate Industry in Indonesia

Dwi Atmanto
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Dwi Atmanto: Brawijaya University, Indonesia

International Journal of Corporate Finance and Accounting (IJCFA), 2020, vol. 7, issue 1, 54-70

Abstract: The purpose of this study is to examine and explain the effect of leverage on the value of real estate companies listed on the Stock Exchange in Indonesia, with investment and dividend as mediators. This study is explanatory research. Explanatory is research conducted with the intention to explain an influence of variables through testing hypotheses. The population in this study is all real estate companies listed on the Indonesia Stock Exchange. The total population was as many as 44 companies. The results of this study indicate that high dividend payments will cause decrease in value of company. First, market considers that at present condition of company has opportunity to grow, so the company should focus on funding investment activities. With the intense competition in real estate sector, companies to survive in industry must have product innovations. Empirically, previous research examining the interaction between leverage, investment, dividends, and company value has produced inconsistencies in research results (gaps).

Date: 2020
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